CNBC's Bob Pisani and Art Cashin, of UBS, discuss the disappointing economic news out of Germany and how it's impacting the European and US markets. European political leaders look an awful lot like Congress. Nothing's going to get done, he says.

There was real damage in the Club Med crowd, says UBS' Art Cashin, talking with CNBC's Bob Pisani about Mario Draghi's comments on ECB policy and the ensuing drop in both the European and U.S. markets.

CNBC's Bob Pisani and Art Cashin, of UBS, discuss Europe's close and how it impacted the US markets. Consumer confidence was a bit disappointing, but Cashin says traders are more focused on Friday's payroll data.